# kaal:claim:3249860-026

**Claim.** Thirty-two of the top 100 tokens have inherent value, for example as a currency, and thirty-two derive their underlying value from giving holders permission to use a digital service.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- N=100 dataset

**Source quote.**

> Thirty-two tokens have inherent value, for example as a currency. The underlying value of thirty-two tokens is that they give token holders permission to use a digital service.

**From.** Wulf A. Kaal, *Crypto Economics - The Top 100 Token Models Compared* (2018), IV.5 Underlying Value, page 20

**Cite as.** Wulf A. Kaal, Crypto Economics - The Top 100 Token Models Compared (2018). SSRN: https://ssrn.com/abstract=3249860

**Verify.** sha256 of source PDF `72b13f11002ba26206cd53e74c324b913d1830c642bfa024da6bac0d3af3a7b0` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202018%20-%20Crypto%20Economics%20-%20The%20Top%20100%20Token%20Models%20Compared.pdf

**Topics.** tokenomics, empirical-evidence

**Keywords.** underlying-value, usage-tokens, currency-tokens, empirical-findings

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.